A PROPERTY home to a parade of shops in Colchester’s city centre has hit the market for a seven-figure sum… with real estate agents saying the site has “long-term development potential”.

Mercantile House, in Sir Isaac’s Walk, and Centurion House, which fronts St John’s Street, are on the market for £2.7 million.

The listing is on Rightmove and is being marketed by Harston and Co.

Gazette: Site - Centurion House and Mercantile House in ColchesterSite - Centurion House and Mercantile House in Colchester (Image: Google Earth)

On the St John’s Street side, the property is home to popular steak restaurant Bella Pais, Six Three Tattoo Studio, Cake Box and more, while well-known street store Timpson front into Sir Isaac’s Walk.

Well-known high street stores Trespass and Noa Noa were also a part of the site before closing.

Other occupiers close by include the Culver Square Shopping Centre, including H&M and TK Maxx, and Lion Walk Shopping Centre, home to Boots, Primark, WH Smith and more.

The listing on Rightmove says the site comprises of a total of 12 retail units, as well as four self-contained flats and three office units, all of which are currently occupied.

Gazette: Shops - Centurion House from the St Johns Street sideShops - Centurion House from the St Johns Street side (Image: Google)

A full description reads: “The property comprises two parades of shops that abut one another.

“Centurion House which fronts onto St John's Street consists of a parade of seven shops on the ground floor and four apartments on the third floor.

“The third floor is separately accessed via a lift and stairs from St John's Street.

“Due to the design of the building the first floor is predominantly an empty void which provides long-term development potential.

“Mercantile House comprises five shop units, four of which have ancillary first floor accommodation.

“There is a business centre on part of the first floor which is split up into three office suites.”

Gazette: Busy - Sir Isaacs Walk, with the Mercantile House site on the leftBusy - Sir Isaacs Walk, with the Mercantile House site on the left (Image: Steve Brading)

The property currently takes an income of £260,320, the listing says.

It adds: “Offers are invited in excess of £2,700,000, which represents an approximate gross yield of 9.4 per cent on the current passing rent.”

It is not the first time the site has been on the market. It was set to go under the hammer in 2018 with Allsop auctioneers.

However, the site was sold prior to the set auction date.

To view the full listing, click HERE.